Closing Costs for Home Real Estate Transactions
"Closing Costs" are the fees which pay for various services involved when you sell or buy a home. Sellers & buyers usually negotiate to decide how to split these costs.
Many of the closing costs associated with buying a home are associated with getting a loan. At Sky Apply Mortgage, Inc, we have extensive experience in mortgage lending, so we can compile a comprehensive list of costs related to your mortgage in your "Loan Estimate".
The Loan Estimate (Also known as the LE)
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. We base this cost estimate on our many years of past experience. Please note that while our LEs are very precise, we can't always predict your costs to the penny. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that sometimes vary a little bit at closing.
Below you'll find a fairly general list of closing costs. We will always provide a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
Loan-Related Costs
- Obtaining YourCredit Report
- Up-front Interest Payment
- Escrow Fees
- Taxes
- Loan Origination Fee
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Costs
Property Taxes
- Recording Fees and Transfer Taxes
- Insurance
Homeowners Insurance
- Flood / Quake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
Sky Apply Mortgage, Inc can help you understand closing costs. Give us a call at 8132007931.